GMAC Statement on Bankruptcy Court Approval of Sale of Assets by GM

DETROIT, July 6 /PRNewswire/ -- GMAC Financial Services has been notified that
the U.S. Bankruptcy Court has approved the sale of assets of General Motors
Corporation to an entity sponsored by the U.S. Treasury. In conjunction with
the closing of the sale, the contracts GM has with GMAC will be transferred to
the new GM entity. GMAC is pleased to conduct its business operations with
the new GM entity and to be part of the solution to stabilize and strengthen
the U.S. auto industry.

GMAC is a leader in automotive financing and continues to offer these products
and services to both GM and Chrysler dealers and customers.

GMAC is a bank holding company with 15 million customers worldwide. As a
global, independent financial services institution, GMAC's diversified
business operations include automotive finance, mortgage operations,
insurance, commercial finance and online banking.

Contacts:
Gina Proia
917-369-2364
gina.proia@gmacfs.com

Sue Mallino
313-656-6970
sue.mallino@gmacfs.com

SOURCE GMAC Financial Services

Gina Proia, +1-917-369-2364, gina.proia@gmacfs.com, or Sue Mallino,
+1-313-656-6970, sue.mallino@gmacfs.com, both of GMAC Financial Services